Vir Biotechnology, Inc. VIR shares ended the last trading session 32.1% higher at $61.83. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 36.6% loss over the past four weeks.
The company’s share price increased after it announced interim data from the phase III COMET-ICE study evaluating its monoclonal antibody candidate, VIR-7831, as a monotherapy for the early treatment of COVID-19 in adults who are at high risk of hospitalization. The interim data showed that treatment with VIR-7831 monotherapy led to 85% reduction in hospitalization or death as compared to placebo – the primary endpoint of the COMET-ICE study.
Price and Consensus
This company is expected to post quarterly loss of $0.58 per share in its upcoming report, which represents a year-over-year change of +18.3%. Revenues are expected to be $170.53 million, up 2881.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Vir Biotechnology, Inc., the consensus EPS estimate for the quarter has been revised 28.4% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on VIR going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
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